Vanguard has increased its holdings in Metaplanet, attributed to index mechanics rather than a strategic investment in Bitcoin treasuries. According to NS3.AI, Metaplanet is trading at a premium market-to-net-asset-value (mNAV) ratio of 1.37x and continues to accumulate Bitcoin. In contrast, its peers, Strategy and Semler, are trading below their net asset value. This situation highlights a divided market where Metaplanet, operating outside U.S. regulatory constraints, exhibits strong fundamentals, while others remain in a state of recovery.

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